'Biggest fraud in a generation': The looting of the Covid relief plan known as PPP
(www.nbcnews.com)
🚔 Crime & Corruption 💸
You're viewing a single comment thread. View all comments, or full comment thread.
Comments (9)
sorted by:
My business was shutdown for 4 months back in 2020 and severely restricted until about march of 2022. We were able to get both rounds of PPP and the amount we were approved for was nowhere near the amount that we lost in revenue because of the shutdown. The first round of PPP, our bank made us jump through hoops to get approved - second round, they just used the numbers we gave them for the first round. The process we went through seemed to have checks in place to keep fraudulent claims out. My thought, the banks that processed the loans that were fraudulent did not do their jobs. My understanding is that the banks got a 1% origination fee for all approved PPP loans they processed but the program did not hold the banks accountable for verifying the truthfulness of the loans .
Shoot me a pm if you want. I’m working with a CPA firm that averages $21k per employee with ERC. The firm I’m with even looks at Indirect Shutdowns from commie areas. Really helping a lot of companies, have done 7000
I appreciate the offer. Not sure what good it wold do my little company that consists of just me and the wife - co-ownership with no employees so not sure ERC would do anything for us.. We're doing good now - the main cause for our losses was because our business is event based and those were not happening. We could physically operate we just had no events to operate at.
Yeah we’re working with companies with 5 W2 employees on up. Feels weird to be in something so inflationary but might as well help people out. Good luck!